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Sanofi tender offer: How arithmetic works for holders of Genzyme CVRs
Related tables, figures and sidebars
Genzyme CVR tradeoffs
-- Stephen Hansen
Published on
Monday, September 10, 2012
With Lemtrada alemtuzumab
possibly set to reach the market next year for multiple sclerosis, Sanofi is
seeking to limit its potential long-term costs by purchasing some of the Genzyme
Corp. contingent value rights covering the drug.
The pharma last week started a
modified Dutch auction tender offer to purchase up to 86.8 million, or 30%, of
the outstanding CVRs at $1.50-$1.75. The range is a 7-25% premium to the CVR's
close of $1.40 on
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